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Registered number: 04187380
Bee London Limited
(A company limited by guarantee)
Audited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2018
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Bee London Limited
(A company limited by guarantee)
Registered number: 04187380
Balance sheet
As at 31 March 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2018.
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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Bee London Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2018
Bee London Limited (the Company) is a limited by guarantee and domiciled in the United
Kingdom. The address of its registered office is Third Floor, 24 Chiswell Street, London, EC1Y 4YX. The principal activity of the company in the year under review was that of a not-for-profit, Business Improvement District (BID).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover represents BID Levy remittances collected on the company's behalf during the year and other projects funding reveivable, including the recovery of expenditure in respect of outsourced services relating to specific projects. Turnover is recognised when the funding is agreed as received.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Page 2
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Bee London Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2018
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Straight-line over 5 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Page 3
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Bee London Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2018
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was 6 (2017 - 6).
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Page 4
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Bee London Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2018
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Charge for the year on owned assets
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Assets purchased for the purpose of specifically funded activities are fully depreciated in the year of acquisition.
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The company's investment at the Balance Sheet date in the share capital of companies included the following:
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Page 5
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Bee London Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2018
5.Fixed asset investments (continued)
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The following were subsidiary undertakings of the Company:
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Inholborn Services Limited
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Staff and management services
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Bee London Trading Limited (formerly Orange Trading Limited)
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 6
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Bee London Limited
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2018
Profit and loss account
The profit and loss account comprises all current and prior period retained profits and losses.
Special reserve account
BIDs operate over 5-year terms and have to be re-elected to serve subsequent terms. The special reserve account was set up in year ended 31 March 2012 for the amount that would be needed to responsibly close operations in the event of the BID not being re-elected. In March 2015, the company was successfully re-elected for another 5-year term until 2020.
The Public realm reserve fund account
The public realm reserve fund has been set up for substantial long-term projects relating to regeneration, public realm and transport.
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount, towards the assets of the company in the event of liquidation.
The auditors' report on the financial statements for the year ended 31 March 2018 was unqualified.
The audit report was signed on 19 December 2018 by Sandra Deacon FCA (Senior statutory auditor) on behalf of Deacon's.
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